QQEW vs. FNGS

Last updated Jun 4, 2026

QQEW (First Trust Nasdaq-100 Equal Weighted Index Fund) and FNGS (MicroSectors FANG+ ETN) are both exchange-traded funds - QQEW is a Nasdaq-100 fund tracking the NASDAQ-100 Equal Weighted Index, while FNGS is a Large Cap Growth Equities fund tracking the NYSE FANG+ Index. Both are passively managed. Over the past 5 years, QQEW returned 8.78%/yr vs 22.01%/yr for FNGS. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.58% expense ratio.

Performance

QQEW vs. FNGS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Nasdaq-100 Equal Weighted Index Fund (QQEW) and MicroSectors FANG+ ETN (FNGS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQEW achieves a 12.15% return, which is significantly lower than FNGS's 16.26% return.

QQEW

• 1D: -0.78%
• 1M: 14.51%
• YTD: 12.15%
• 6M: 10.58%
• 1Y: 20.94%
• 3Y*: 16.13%
• 5Y*: 8.78%
• 10Y*: 14.57%

FNGS

• 1D: -0.98%
• 1M: 11.24%
• YTD: 16.26%
• 6M: 10.77%
• 1Y: 29.78%
• 3Y*: 35.29%
• 5Y*: 22.01%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

QQEW vs. FNGS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund	12.15%	14.22%	7.00%	33.31%	-24.59%	17.75%	37.30%	5.44%
FNGS MicroSectors FANG+ ETN	16.26%	18.64%	51.99%	95.24%	-40.32%	16.96%	101.99%	10.91%

Correlation

The correlation between QQEW and FNGS is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Nov 14, 2019	0.81

The correlation between QQEW and FNGS shifts across timeframes, from 0.68 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

QQEW vs. FNGS - Sectors Allocation Comparison

Sectors	QQEW	FNGS
Technology	55.9%	59.9%
Healthcare	14.7%	-
Consumer Cyclical	12.2%	11.3%
Communication Services	10.3%	28.8%
Industrials	3.3%	-
Consumer Defensive	2.0%	-
Real Estate	1.6%	-
Basic Materials	-	-
Energy	-	-
Financial Services	-	10.0%
Utilities	-	-

Return for Risk

QQEW vs. FNGS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QQEW

QQEW Risk / Return Rank: 31
QQEW Sharpe Ratio Rank: 34
QQEW Sortino Ratio Rank: 33
QQEW Omega Ratio Rank: 32
QQEW Calmar Ratio Rank: 27
QQEW Martin Ratio Rank: 28

FNGS

FNGS Risk / Return Rank: 34
FNGS Sharpe Ratio Rank: 40
FNGS Sortino Ratio Rank: 39
FNGS Omega Ratio Rank: 38
FNGS Calmar Ratio Rank: 27
FNGS Martin Ratio Rank: 27

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

QQEW vs. FNGS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Nasdaq-100 Equal Weighted Index Fund (QQEW) and MicroSectors FANG+ ETN (FNGS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	QQEW	FNGS	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.46	-0.21
Sortino ratio: Return per unit of downside risk	1.81	2.03	-0.22
Omega ratio: Gain probability vs. loss probability	1.22	1.26	-0.04
Calmar ratio: Return relative to maximum drawdown	1.34	1.30	+0.03
Martin ratio: Return relative to average drawdown	4.09	3.77	+0.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQEW vs. FNGS - Sharpe Ratio Comparison

The current QQEW Sharpe Ratio is 1.25, which is comparable to the FNGS Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of QQEW and FNGS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QQEW	FNGS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	1.46	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.74	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	1.06	-0.52

Drawdowns

QQEW vs. FNGS - Drawdown Comparison

The maximum QQEW drawdown since its inception was -58.16%, which is greater than FNGS's maximum drawdown of -48.98%. Use the drawdown chart below to compare losses from any high point for QQEW and FNGS.

Drawdown Indicators

	QQEW	FNGS	Difference
Max Drawdown Largest peak-to-trough decline	-58.16%	-48.98%	-9.18%
Max Drawdown (1Y) Largest decline over 1 year	-15.74%	-22.93%	+7.19%
Max Drawdown (3Y) Largest decline over 3 years	-21.43%	-26.77%	+5.34%
Max Drawdown (5Y) Largest decline over 5 years	-32.12%	-48.98%	+16.86%
Max Drawdown (10Y) Largest decline over 10 years	-32.12%	—	—
Current Drawdown Current decline from peak	-1.53%	-1.61%	+0.08%
Average Drawdown Average peak-to-trough decline	-8.30%	-10.87%	+2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	7.92%	-2.79%

Volatility

QQEW vs. FNGS - Volatility Comparison

First Trust Nasdaq-100 Equal Weighted Index Fund (QQEW) and MicroSectors FANG+ ETN (FNGS) have volatilities of 5.54% and 5.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQEW	FNGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.54%	5.64%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	13.85%	15.68%	-1.83%
Volatility (1Y) Calculated over the trailing 1-year period	16.81%	20.49%	-3.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.76%	29.96%	-9.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.87%	31.12%	-10.25%

QQEW vs. FNGS - Expense Ratio Comparison

Both QQEW and FNGS have an expense ratio of 0.58%.

Dividends

QQEW vs. FNGS - Dividend Comparison

QQEW's dividend yield for the trailing twelve months is around 0.28%, while FNGS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNGS MicroSectors FANG+ ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund	0.28%	0.41%	0.57%	0.70%	0.66%	0.24%	0.34%	0.48%	0.56%	0.48%	0.73%	0.61%

Frequently Asked Questions

Can I hold both QQEW and FNGS in my portfolio?

QQEW and FNGS have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQEW or FNGS?

FNGS has higher volatility (5.64%) compared to QQEW (5.54%). In terms of maximum drawdown, QQEW dropped -58.16% vs FNGS's -48.98%.

Which ETF is better, QQEW or FNGS?

On 5-year performance, FNGS leads with 22.01% vs 8.78% for QQEW. Both ETFs have the same 0.58% expense ratio. On volatility, QQEW has been the lower-risk option at 5.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQEW or FNGS?

Over the 5-year period, FNGS has performed better with a 22.01% return vs 8.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQEW or FNGS?

QQEW and FNGS have the same expense ratio: 0.58% per year.

Which ETF pays a higher dividend yield, QQEW or FNGS?

QQEW has the higher dividend yield at 0.28%, compared with 0.00% for FNGS.

What is the main difference between QQEW and FNGS?

QQEW is categorized as Nasdaq-100, while FNGS is Large Cap Growth Equities. QQEW tracks NASDAQ-100 Equal Weighted Index, while FNGS tracks NYSE FANG+ Index. They also come from different issuers: First Trust and BMO.

Which has better risk-adjusted returns?

FNGS currently has the higher Sharpe Ratio (1.46 vs 1.25), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.